XML 66 R19.htm IDEA: XBRL DOCUMENT
v2.4.0.8

Pension Plans | 9 Months Ended
--- | ---
Sep. 30, 2014
Compensation and Retirement Disclosure [Abstract] |
Pension Plans | Note 11 – Pension Plans The Company has historically sponsored two defined benefit pension plans – a qualified retirement plan (the “Pension Plan”) which was generally available to all employees, and a Supplemental Executive Retirement Plan (the “SERP”), which was for the benefit of certain senior management executives of the Company. Effective December 31, 2012, the Company froze both plans for all participants. Although no previously accrued benefits were lost, employees no longer accrue benefits for service subsequent to 2012. The Company recorded pension income totaling $264,000 and $98,000 for the three months ended September 30, 2014 and 2013, respectively, which primarily related to investment income from the Pension Plan's assets. The following table contains the components of the pension income.
|  | For the Three Months Ended September 30, |  |  |  |  |  |  |  |  |  |  |  |  |
|  | 2014 |  |  | 2013 |  |  | 2014 |  |  | 2013 |  |  | 2014 Total |  |  | 2013 Total |
($ in thousands) |  | Pension Plan |  |  | Pension Plan |  |  | SERP |  |  | SERP |  |  | Both Plans |  |  | Both Plans |
Service cost – benefits earned during the period |  | $ | − |  |  |  | − |  |  |  | 69 |  |  |  | 153 |  |  |  | 69 |  |  |  | 153 |
Interest cost |  |  | 365 |  |  |  | 287 |  |  |  | 53 |  |  |  | 18 |  |  |  | 418 |  |  |  | 305 |
Expected return on plan assets |  |  | (695 | ) |  |  | (571 | ) |  |  | − |  |  |  | − |  |  |  | (695 | ) |  |  | (571 | )
Amortization of transition obligation |  |  | − |  |  |  | − |  |  |  | − |  |  |  | − |  |  |  | − |  |  |  | − |
Amortization of net (gain)/loss |  |  | − |  |  |  | 15 |  |  |  | (56 | ) |  |  | − |  |  |  | (56 | ) |  |  | 15 |
Amortization of prior service cost |  |  | − |  |  |  | − |  |  |  | − |  |  |  | − |  |  |  | − |  |  |  | − |
Net periodic pension cost |  | $ | (330 | ) |  |  | (269 | ) |  |  | 66 |  |  |  | 171 |  |  |  | (264 | ) |  |  | (98 | )
The Company recorded pension income totaling $791,000 and $425,000 for the nine months ended September 30, 2014 and 2013, respectively, which primarily related to investment income from the Pension Plan's assets. The following table contains the components of the pension income.
|  | For the Nine Months Ended September 30, |  |  |  |  |  |  |  |  |  |  |  |  |
|  | 2014 |  |  | 2013 |  |  | 2014 |  |  | 2013 |  |  | 2014 Total |  |  | 2013 Total |
($ in thousands) |  | Pension Plan |  |  | Pension Plan |  |  | SERP |  |  | SERP |  |  | Both Plans |  |  | Both Plans |
Service cost – benefits earned during the period |  | $ | − |  |  |  | − |  |  |  | 204 |  |  |  | 153 |  |  |  | 204 |  |  |  | 153 |
Interest cost |  |  | 1,096 |  |  |  | 966 |  |  |  | 159 |  |  |  | 152 |  |  |  | 1,255 |  |  |  | 1,118 |
Expected return on plan assets |  |  | (2,084 | ) |  |  | (1,730 | ) |  |  | − |  |  |  | − |  |  |  | (2,084 | ) |  |  | (1,730 | )
Amortization of transition obligation |  |  | − |  |  |  | − |  |  |  | − |  |  |  | − |  |  |  | − |  |  |  | − |
Amortization of net (gain)/loss |  |  | − |  |  |  | 34 |  |  |  | (166 | ) |  |  | − |  |  |  | (166 | ) |  |  | 34 |
Amortization of prior service cost |  |  | − |  |  |  | − |  |  |  | − |  |  |  | − |  |  |  | − |  |  |  | − |
Net periodic pension cost |  | $ | (988 | ) |  |  | (730 | ) |  |  | 197 |  |  |  | 305 |  |  |  | (791 | ) |  |  | (425 | )
The Company's contributions to the Pension Plan are based on computations by independent actuarial consultants and are intended to be deductible for income tax purposes. The contributions are invested to provide for benefits under the Pension Plan. The Company does not expect that it will make any contributions to the Pension Plan in 2014. The Company's funding policy with respect to the SERP is to fund the related benefits from the operating cash flow of the Company.

X
- Details
Name: | us-gaap_CompensationAndRetirementDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for pension and other postretirement benefits. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 70 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6414718&loc=d3e28014-114942 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=35743120&loc=d3e2410-114920 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 80 -Section 50 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=35742057&loc=SL14450702-114947 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 60 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6414199&loc=d3e39622-114963 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -SubTopic 60 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6414203&loc=d3e39675-114964 + Details
Name: | us-gaap_PensionAndOtherPostretirementBenefitsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration